On July 10, August WTI crude oil closed at $67.11, down $1.47 (-2.15%), while August RBOB gasoline dropped to $2.14, down $0.0216 (-0.99%). The decline followed President Trump’s tariff announcements and comments signaling ongoing Russian energy exports, which contributed to speculation about slower global economic growth and decreased energy demand.
Despite initial increases in crude prices on anticipation of sanctions against Russian energy, the market faced pressure as the dollar index hit a 2.5-week high and concerns about higher tariffs on imports loomed. OPEC+ plans to raise crude production by 548,000 barrels per day starting August 1, which may trigger further price declines amid an expected surplus in global oil by Q4-2025.
Recent data showed U.S. crude oil inventories were 8.0% below the seasonal average, while U.S. oil rigs fell to a 3.75-year low of 424. Additionally, crude oil stored on stationary tankers decreased by 4.6% to 78.03 million barrels for the week ending July 11, suggesting tighter supply dynamics.
